Newmont Q4 Reports Record Free Cash Flow

Newmont’s Q4 results proved that 2025 was not just a good gold year, it was a great cash year. The company reported Q4 2025 adjusted net income of $2.8 billion, or $2.52 per diluted share, and said it generated record free cash flow of $2.8 billion in the quarter. For the full year, Newmont reported net income of $7.2 billion, adjusted net income of $7.6 billion, or $6.89 per diluted share, adjusted EBITDA of $13.5 billion, and an all time annual record $7.3 billion of free cash flow. The gold price helped, but Newmont also made a point of highlighting that it met full year production and cost guidance, including 5.9 million attributable gold ounces for 2025.

The clearest explanation for the cash flow starts with the realized price and the all in sustaining cost figures (AISC). Newmont’s average realized gold price was $4,216 per ounce in Q4 and $3,498 per ounce for the full year, while gold by product AISC was $1,302 per ounce in Q4 and $1,358 per ounce for 2025. Newmont also said it returned $3.4 billion to shareholders in 2025 and reduced debt by $3.4 billion, ending the year in a net cash position of $2.1 billion with $11.6 billion of total liquidity. Newmont used a strong price tape to pay down debt, build liquidity, and still send a meaningful check back to shareholders.

Then Newmont moved to the question it knows everyone is asking - "What happens to the money?" The company announced an enhanced capital allocation framework anchored by a $1.1 billion per year “through the cycle” cash dividend and declared an increased quarterly dividend of $0.26 per share for Q4 2025. It also laid out balance sheet guardrails, including a $1 billion net cash target (plus or minus $2 billion) and a minimum cash balance of $5 billion, and said it plans to deploy excess cash to share repurchases on a “ratable” basis, with $2.4 billion remaining under previously authorized repurchase programs.

For 2026, Newmont guided to approximately 5.3 million attributable gold ounces and gold by product AISC of $1,680 per ounce, while planning about $1.95 billion of sustaining capital and about $1.4 billion of development capital as it advances projects and critical infrastructure work. Newmont is trying to keep the gold price upside as a bonus, not a requirement, by pairing a clearer dividend path with balance sheet targets and a spend plan that is meant to protect the franchise through the cycle.

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